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CUNA Mutual ranked tops in defined contribution plans
MADISON, Wis. (12/9/08)--CUNA Mutual Group’s Retirement Plan Services garnered top rankings for overall client satisfaction, customer loyalty and brand relationship in Boston Research Group's annual defined contribution provider (DCP) study. Boston Research Group's DCP study of client satisfaction and loyalty rated 22 leading defined contribution plan providers based on surveys of more than 1,380 plan sponsors with plan assets totaling $5 million or less. Boston Research Group is a full-service marketing research firm located in Woburn, Mass. It conducts retirement industry research. CUNA Mutual ranked highly in many underlying categories, including:
* Top ratings in 401(k) Plan Relationship Satisfaction (91% very satisfied, versus 72% average); * High percentage very satisfied in three of seven Key Drivers of Overall Satisfaction identified in the study, including: Value for cost, recordkeeping services and participant statements; * High loyalty ratings, including top scores in three of four Loyalty Segments: customers likely to recommend, quality of reference and customers likely to consider for other employee benefit services: * Top score in five of 13 Brand Image Attributes, grouped by the study in two categories-- Relationship and Resources. These include: partners effectively with you to meet the challenges of administering your 401(k) plan, understands the needs of your company and its employee population, easy to do business with, effective helping participants reach their financial goals for retirement, and has a well known and respected brand among your employees; * Percent of eligible employees participating in the plan (91.4% mean, and 72.5% average); and * Years using as service provider (14.8 years mean, 7.4 years average).
“The high rankings overall reflect our ongoing commitment to simplify the experience of plan sponsors, by providing them with best-in-class customer service,” said Tom Eckert, vice president of CUNA Mutual’s Retirement Plan Services. “Although their plans may be sophisticated in design and features, we add value to our clients’ businesses by allowing them to focus on what they do best while we serve and support their retirement plans.” CUNA Mutual’s retirement plan service model includes dedicated salespeople, retirement specialists and consulting coordinators working directly with plan sponsors. Many of these professionals have received multiple retirement industry designations. Also, the self-service features of the plan participant website received top rankings. “Not only do we enjoy great loyalty,” Eckert said. “But the high participation rates we have jointly accomplished with our plan sponsor clients means the intended beneficiaries of the plans--eligible employees--will have funds when their time comes to leave the work-force. That’s why we’re expanding our program beyond credit unions to select employee groups and small businesses.”
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